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Friday, October 30th, 2009
By NRMLA
The continuing resolution (CR) that was passed by Congress yesterday and is now headed for the President’s signature extends the $625,500 national loan limit for HECM through calendar year 2010. Although the CR is a temporary measure providing funding thru 12/18/09 to allow a little more time for the appropriations bills to be completed, Congress was asked to act now to make sure that the marketplace is not disrupted by uncertainty about the continuation of the higher forward mortgage loan limits that were enacted in the President’s economic stimulus package back in February. (more…)
Tags: HECM, lending limit, nrmla, reverse mortgage
Posted in Reverse Mortgage | No Comments »
Wednesday, September 23rd, 2009
Breaking News from Peter Bell, NRMLA President:
I [Peter Bell] just got off a phone call with FHA Commissioner David Stevens and HUD Assistant Secretary for Congressional Relations Peter Kovar, who called to tell me that HUD has posted a Mortgagee Letter implementing the 10% haircut in principal limit factors, effective for all loans on which applications are taken on or after October 1, 2009. (more…)
Tags: HECM, HECM loan limits, nrmla
Posted in Reverse Mortgage | 1 Comment »
Wednesday, March 4th, 2009
I recently read an interesting article by James E. Veale of Security One Lending on Reverse Mortgage Daily titled “Are Reverse Mortgages Really Income?” The main thrust behind the article is that several reverse mortgage professionals are misusing the term “income” to describe the proceeds of a reverse mortgage. (more…)
Tags: nrmla, reverse mortgage
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Friday, February 13th, 2009
NRMLA (reversemortgage.org)
NRMLA is pleased to report that the compromise package approved by the House-Senate conference committee yesterday does indeed set the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 — for the balance of 2009. (more…)
Tags: HECM loan limits, nrmla
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Thursday, February 12th, 2009
NRMLA – reversemortgage.org
NRMLA is pleased to announce that we have learned that the compromise package emerging from the House-Senate conference committee includes the House language setting the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 — for the balance of 2009 only. (Congress would have to act on it again before this year is out to extend it beyond ‘09.) (more…)
Tags: HECM loan limits, nrmla
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Thursday, January 29th, 2009
We are pleased to report that the economic recovery bill passed by the U.S. House of Representatives last night includes the provision we reported to you last week that would set the single national loan limit for the HECM program at 150% of the Freddie Mac loan limit. Currently, the Freddie Mac limit is $417,000, so this bill would establish the HECM limit at $625,500.
(more…)
Tags: HECM Loan Limit, nrmla
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Tuesday, January 27th, 2009
Three of the top 10 markets in the country for reverse mortgages are located in Florida, according to an analysis of government data conducted by Reverse Market Insight. (more…)
Tags: fha, Florida Reverse Mortgage, hud, nrmla
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Tuesday, January 27th, 2009
We are pleased to announce that the draft of the economic recovery bill released by the House of Representatives late yesterday contains a provision, inserted in response to a request that came jointly from NRMLA and AARP, that would set the single national loan limit for HECM at a higher level than $417,000–for the balance of 2009.
(more…)
Tags: AARP, fha reverse mortgage, HECM loan limits, nrmla
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Monday, January 26th, 2009
Michael Borba (President Borba Investments, Inc. dba MLS Reverse Mortgage)
Some companies would like you to believe that these specialized loans are so intricate and confusing that Seniors can’t decide what to do without having their hands held. What am I referring to?
(more…)
Tags: fha, hud, hud approved broker, nrmla, reverse mortgages
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Monday, January 26th, 2009
Written by: Michael Borba (Owner/Broker, MLS Reverse Mortgage, Auburn, Ca)
Beginning January 1, 2009 FHA will began insuring reverse mortgage loans for Seniors to purchase homes. Reverse mortgages have traditionally been available for refinance loans in the past, provided the Senior resided in the home.
Tags: fha, hecm for home purchase, hud lender, nrmla, purchase reverse mortgage, reverse mortgage
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